Oil companies to reduce fuel prices Tuesday

MANILA — Various oil companies have announced another round of price cuts for petroleum products effective Tuesday, reflecting the movement of oil prices in the world market.

In an advisory, Pilipinas Shell Petroleum Corp. said it will reduce the price of gasoline by Php0.10 centavos per liter, diesel by Php0.75 centavos per liter, and kerosene by Php0.85 centavos per liter, effective 6 a.m.

SeaOil Philippines and Flying V will also implement the same reductions for all fuel products beginning at 12:01 a.m.

Meanwhile, Phoenix Petroleum Philippines, PTT Philippines, and Eastern Petroleum Corp. said they will reduce the price of gasoline and diesel by the same amounts at 6 a.m.

Local gas prices plunged for the sixth consecutive week, while kerosene and diesel prices also dropped for four-week lows.

With the price adjustment on Tuesday, gasoline prices could range from Php33.30-Php40.35 per liter in Metro Manila.